Tom Sommers

Tom Sommers

Tom Sommers

Minneapolis (Northeast), MN

Minneapolis (Northeast), Minnesota Real Estate

Minneapolis is on the west side of the river and St. Paul is on the east side of the Mississippi river. Together they create the 16th largest metropolitan area in the United States with well over 3 1/2 million residents. Minneapolis is a wonderful city to live in within abundantly rich water supply including 13 lakes, wetlands, the Mississippi River, creeks as well as waterfalls. The total square footage is 58.4 mi.² with 3.5 mi.² of water. Because the city is so large these searches are divided up into three sections. North Minneapolis, Northeast Minneapolis and the South portion of Minneapolis from downtown on.

The Northeast community of Minneapolis has exploded over the last five years. A big part of it is it's become an artist community. The other driving force is a lot of small coffee shops, independent microbreweries and quaint restaurants. In the decades past uptown was the place for the younger people to live. But many people have been priced out of that area which is located near Lake Calhoun off of Lake Street and Hennepin Avenue.

So the combination of the emerging art center as well as affordable rent prices and home purchase prices, it's made Northeast a thriving community. It's fairly close to the U of M campus as well as several routes to get to downtown Minneapolis or St. Paul. You can find homes in the mid-100,000s on up. The other thing that is interesting about Northeast Minneapolis is the amount of investors that are moving in to purchase duplexes and single-family homes.

Northeast Minneapolis is typically considered north of the downtown Minneapolis area starting at around Nicolet Island moving north past Lowery to the Columbia Heights border from East to West Interstate 94 all the way over to County Road 88 and Sunset Memorial Park.

As a real estate agent selling homes in Northeast Minneapolis, I always like showing homes here. It's very easy to get around and navigate. You can find homes in all price ranges plus there are a lot of duplexes for sale. However I've seen the prices jumped dramatically just in the last three years. In one four-month period in the spring of 2015 I watched duplex prices jump over $70,000 during that time. Because it's a mix of people who want to live there as well as investors, the housing seems to flip-flop a lot. Meaning, one season single-family homes seem to be priced better with more value, six months later it's duplexes. See have to be very flexible when looking in this area. Some of the homes will be move-in ready and many of them will need a lot of work. It seemed like there were a substantial amount of foreclosures and short sales in this area that have now really thinned out.

Use the interactive real estate sales graphs below for real-time statistics on the City of Minneapolis. (All updated maps are based on every property in the city including single-family homes, townhomes and condos. For more specific information about a neighborhood, price range or style of home, contact Tom Sommers 952-994-7204.)

Median sales price in Minneapolis

X

Average days on market over last three years in Minneapolis

Average months’ supply of homes for sale in Minneapolis (This is also referred to as the absorption rate. Meaning, if no other homes came on the market from this day forward it would take this number of months for all the homes to sell. 0 to 3 months is a seller's market, 4 to 6 months is an average market and 6+ months of inventory is typically a buyer’s market)

Digital Millennium Copyright Act (DMCA) Notices: The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the "DMCA"), provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices and counter-notices should be sent in writing by mail to: Michael Bisping, Director of Customer Relations at Regional Multiple Listing Service of Minnesota, Inc., 2550 University Avenue West, Suite 259S, Saint Paul, MN 55114 or by email to mbisping@northstarmls.com.

The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and e-mail address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner's behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.